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MRS Oil Nigeria Plc, one of Nigeria’s leading petroleum marketing companies, has announced the appointment of Andrew Gbodume as its new managing director.

Gbodume succeeds Paul Bissohong, who has held the position since December 2012. Gbodume was previously the Executive Director, Finance and Administration. His appointment took effect on January 1st.

“Following the resignation of Mr. Paul Bissohong as Managing Director from the board of the company and subsequent secondment back to the Group, the Board approved the appointment of Mr. Andrew Gbodume as the new the Managing Director,” according to an official statement signed by Company Secretary of MRS Oil Nigeria Plc, Mrs. O.M. Jafojo, to the Nigerian Stock Exchange (NSE).

Gbodume joined MRS Oil in 2007 after serving as an assistant general manager for African International Bank, which was acquired by Ecobank in 2008. He is a fellow of the Institute of Chartered Accountants of Nigeria and holds a masters degree from the Ahmed Bello University, Zaria.

MRS Oil is one of the major downstream petroleum companies in Nigeria with over 400 petrol stations. The company took over the downstream assets of Chevron Nigeria in 2009 after MRS Holdings completed the acquisition of the West African downstream assets of Chevron, the American oil giant, for an estimated $1 billion.

Like other petroleum marketing companies, MRS Oil has been hit hard by declining oil prices, which has fallen by nearly 70 percent since May 2014. In results for its third quarter ended on June 30th, 2015, MRS Oil reported that its revenues fell by about 20 percent year-on-year to N36.88 billion compared with N47.16 billion reported in Q3 2014. The company’s profits also suffered a massive decline, falling nearly ten times to N37.59 million in Q3 2015 compared with N315.43 million reported in Q3 2015.

MRS Oil’s share price closed at N49.66 at the end of trading at the NSE on Monday.

Chibuike Oguh is Financial Nigeria's Frontier Markets Analyst